A customer pushes a shopping cart to the entrance of a Lowe’s store in Concord, California on Tuesday, February 23, 2021.
David Paul Morris | Bloomberg | Getty Images
Lowe’s exceeded analyst expectations for fiscal third quarter results on Wednesday as the company saw a surge in home improvement and online sales.
The home improvement retailer has also raised its forecast. The company had previously forecast sales of $ 92 billion for this fiscal year. Now she reckons with $ 95 billion.
In pre-trading hours, stocks rose nearly 2%.
Here’s what the company reported for the third fiscal quarter ended October 29, versus Wall Street’s expectations, based on an analyst survey by Refinitiv:
- Earnings per share: $ 2.73 versus $ 2.36 expected
- Revenue: $ 22.92 billion versus $ 22.06 billion expected
Lowe’s profit rose$ 1.90 billion, or $ 2.73 per share, from $ 692 million, or 91 cents per share, a year earlier.The results surpassed what analysts surveyed by Refinitiv had expected to be $ 2.36 per share.
Net sales rose to $ 22.92 billion from $ 22.31 billion last year, exceeding analysts’ expectations of $ 22.06 billion.
Lowe’s sales in the same store increased 2.2% for the three month period. According to StreetAccount, that was a clear difference to the analysts forecast of a decline of 1.5%.
The retailer has stepped up its efforts to attract more home improvement such as builders and electricians as they have more stable and larger spending. CEO Marvin Ellison said in a press release that the company’s sales to professionals rose 16% in the third quarter. He said sales on the website were up 25%.
Read the company’s press release here.
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